Tilly’s Inc. in Irvine reported revenue and earnings that exceeded Wall Street expectations for the August quarter.
The teen apparel and footwear retailer posted $136.4 million in revenue for the second quarter, a 5% increase over the same period last year. Analysts anticipated $132.7 million.
Its net income was $1.4 million, or 5 cents per diluted share, compared to $600,000, or 2 cents per diluted share it earned during the second quarter of its fiscal 2015. Analysts expected a loss of about 3 cents per share.
Tilly’s same-store sales, which include e-commerce sales, increased 0.9%.
“Our second quarter comp sales and operating income exceeded our outlook ranges and we ended the quarter with inventory down 7% on a per square foot basis,” President and Chief Executive Ed Thomas said in a statement. “We are focused as a management team on continuing these directional improvements. Our back-to-school results have been mixed, but we believe our merchandise assortment is well positioned for the season.”
Tilly’s market value is about $202 million. The company officials said they expect third quarter same store sales to be in the range from “flat to -4%,” with earnings per share in the range from 7 cents to 13 cents.
